Business
South Africa’s Naked Secures R700 Million to Revolutionise Insurance with AI and Automation

Naked, one of South Africa’s leading digital insurance platforms, has raised R700 million in its latest funding round, setting the stage for significant growth and expansion.
The Series B2 funding round was led by global impact investor BlueOrchard, with additional backing from existing investors, including Hollard, Yellowwoods, the International Finance Corporation (IFC), and Germany’s DEG.
A Game-Changer in Insurance
Launched in 2018 by actuaries Alex Thomson, Sumarié Greybe, and Ernest North, Naked has redefined insurance by leveraging AI and automation to provide fast, convenient, and affordable services.
Here’s what sets Naked apart:
- Quick Quotes: Customers can get final insurance quotes in under 90 seconds.
- Fully Digital: Insurance policies can be purchased, claims submitted, or coverage paused—all online, without phone calls.
- Unique Business Model: Naked takes a fixed percentage of premiums and donates any surplus from unclaimed funds to customer-selected causes, fostering trust and transparency.
By eliminating human intervention in policy sales and claims processing, Naked ensures cost savings for customers and builds a more efficient insurance experience.
How the R700 Million Will Be Used
The new funding will fuel Naked’s continued innovation and growth in several key areas:
- AI and Automation: Further investment in proprietary technology to enhance customer experience.
- Product and Market Expansion: Introducing new insurance products and expanding to underserved markets in South Africa.
- Regulatory Requirements: Meeting the capital requirements tied to its rapid growth.
- Advertising: Boosting brand awareness and reaching a broader audience.
“This investment marks an exciting milestone as we continue to define a new category of insurance,” said Alex Thomson, co-founder of Naked.
Investor Confidence in Naked’s Vision
Naked’s innovative approach and rapid growth have garnered strong support from its investors.
- BlueOrchard: “Naked’s use of technology to expand access to insurance fits perfectly with our InsuResilience Investment Fund strategy,” said Richard Hardy, Private Equity Investment Director for Africa at BlueOrchard.
- Existing Investors: The continued backing from Hollard, Yellowwoods, IFC, and DEG reflects confidence in Naked’s potential to transform the insurance landscape.
Why Naked is a Leader in Digital Insurance
Naked’s AI-driven platform not only simplifies insurance but also prioritises fairness and financial inclusion. By leveraging cutting-edge technology, the company ensures that claims are processed transparently and customers enjoy unparalleled convenience.
As Naked continues to grow, its commitment to redefining the insurance experience positions it as a trailblazer in South Africa’s insurtech industry.
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